Yang Delong: This round of "technology bull" market is expected to generate a wealth diffusion effect and drive the overall market to rise.

In this year's government work report, there are many areas that have exceeded expectations, which greatly boosts investors' confidence. In macro control, asset prices are emphasized, aiming to promote moderate inflation in order to achieve a CPI target of around 2%. This also implies that in the future, demand will be stimulated through increased investment and enhanced consumption, leading to a moderate increase in price levels. Moderate inflation is the best state for economic growth and capital markets. For the first time, the goal of "stabilizing the real estate market and stock market" was included in the overall requirements of the government work report, reflecting the central government's increased emphasis on the real estate and stock markets. More measures will be taken in the future to stabilize the real estate and stock markets. Stabilizing the real estate market is mainly about preventing further price declines and protecting household assets. Stabilizing the stock market means not only keeping the index points stable but also creating an upward trend in the stock market. This is because only when there is a profit effect will more off-market funds be attracted, leading to a positive effect, which in turn will attract more household savings to shift towards the capital market. Therefore, the significance of stabilizing the real estate and stock markets as mentioned in the government work report is very important, and the capital market has responded positively with a significant increase. The government work report this year places more emphasis on boosting consumption and emphasizes the need for interactive promotion of consumption and expanded investment. Currently, consumption is the most important engine driving economic growth, so boosting consumption is of great significance. This can be achieved through raising residents' income levels, reducing their tax burdens, supporting the development of private enterprises, and creating more job opportunities. The government work report also states that this year, 300 billion yuan of ultra-long-term special national bonds will be issued for a "replace old with new" plan to further enhance the effect of the policy. The "replace old with new" plan can drive consumption growth and stimulate economic growth. This year's GDP growth target is set at around 5%, which is consistent with the prediction made in my top ten predictions for 2025 announced at the end of last year. The target of around 5% reflects the direction of our development and is also in line with the current economic growth situation, making it a very appropriate target. Deepening the comprehensive reform of capital market investment and financing, and promoting balanced development in capital market investment and financing, is crucial. By improving the quality of listed companies, attracting medium and long-term funds, and enhancing the stability of the capital market, the goal is to introduce and retain these funds for the medium and long terms by ensuring that they can achieve good returns in the capital market. For example, by allowing more high-quality companies to list on the capital market and enabling technology innovative companies that represent the direction of economic development to participate in the market, investors can share the benefits brought by technological advances through the capital market. Furthermore, it is essential to extend the assessment period for long-term funds such as insurance assets, allowing investment managers to focus more on medium and long-term investment opportunities rather than worrying excessively about short-term market fluctuations. Only then can these institutional funds increase their market share and raise the proportion of equity investments, providing substantial support to the capital market. Currently, our economy is in a transitional period. Traditional industries are growing slowly, and many are facing overcapacity. The fast-growing sectors are mainly in the technology and innovation industry, which represents the direction of economic transformation. For instance, sectors like humanoid Siasun Robot & Automation have shown outstanding performance this year, indicating significant industrial opportunities. Technology and internet companies are major beneficiaries in the economic transition process. We currently spend a great deal of time online, and almost all consumption is facilitated through internet companies. After going through more than three years of adjustment, the valuation of many internet companies has dropped to low price-to-earnings ratios, which is much lower than the nearly 40 price-to-earnings ratio seen in the US Nasdaq. The recent sharp rise in technology and internet sectors, reflected in the Hang Seng Tech Index, has driven the overall performance of the Hang Seng Index. This bull market in the Hong Kong stock market is primarily due to the bull market in technology and internet companies. The government work report highlights the need to develop new productivity according to local conditions to promote high-quality economic growth in China. Previously, China's economic growth relied mainly on exports and large-scale investments. However, the growth rate of government investments is declining, especially in real estate, which has seen a continuous decrease in investment growth in recent years. Trade exports have also been disrupted by some external factors. Therefore, in the next step, economic growth needs to rely more on consumption growth and technological innovation brought by new productivity, increasing the overall productivity of society through technology to empower traditional industries, thus releasing more opportunities for genuine high-quality growth. Although our economic growth rate has declined to around 5% from over 8% in the past, the quality of economic growth is improving. Some emerging industries have exceeded expectations, as shown in the recent disclosures of annual reports where fast-growing industries are mainly concentrated in the TMT industries such as electronics and computers, demonstrating that technology innovation companies are indeed beneficiaries in the economic transition and are performing well. We are now in the midst of the fourth industrial revolution, where artificial intelligence will change the way we work and live. Artificial intelligence will empower many traditional industries. Therefore, the frequency of terms such as technology innovation and artificial intelligence in this year's government work report is particularly high, reflecting the strong support for these technology innovation companies from the central government. In this fourth industrial revolution, we need to maintain leadership positions in various fields, including humanoid Siasun Robot & Automation, low-altitude economy, intelligent driving, and "AI+ healthcare". We have the world's largest consumer market and the most people.In the future, we can commercialize these technologies, generate many great companies through commercial applications, and also drive upstream enterprises with neck technology to become unicorn companies, empowering traditional economies and revitalizing traditional industries. For example, humanoid robot manufacturer Siasun Robot&Automation has become a key project for many major factories. This has prompted a group of companies originally producing automobile parts to transform into producing parts for humanoid robots. This rejuvenation has led to a second growth curve, resulting in a significant increase in performance and stock prices. Although performance may only be reflected after the mass production of Siasun Robot&Automation, stock prices have already shown strong performance. As orders for Siasun Robot&Automation increase in the future, these automobile parts companies, especially those with core technologies, will have ample room for growth as they enter major factory support systems.Everyone can also layout the track through themed funds related to the layout, in order to seize the opportunity brought by the long-term growth of Siasun Robot & Automation. Currently, we see that the capital market is also brewing the second wave of bullish attacks. The characteristics of the second wave of attacks are very obvious, that is, technology stocks lead, belonging to the "technology bull" market first, and then gradually forming a money-making effect, thus achieving overflow, that is, many funds may bottom out some traditional blue-chip stocks that have not yet started to rise in technology stocks, bringing about a comprehensive market rebound. The second wave of bullish market is about to emerge, so everyone should remain confident and focus on long-term layout of high-quality stocks or funds to seize the investment opportunities in 2025. This article is reprinted from the WeChat public account "Dao Jiu Club", author: Yang Delong; Edited by GMTEight: Xu Wenqiang.